Eighth Notes (President's Message)
Two of the Fed's three major policy goals — keeping prices stable and improving the payments system — share an important link.

"Will That Be Cash, Check, Charge or Smart Card?"    by Adam M. Zaretsky
Everyone's talking about the commercial possibilities of the electronic currency, but the regulatory and monetary policy implications are equally meaningful points to ponder.

"Investment Improvement: Adding Duration to the Toolbox"    by Michelle Clark Neely
Looking for a better way to measure investment risk? Duration could be the answer.

"District Automotive Sector Flourishing"    by Kevin L. Kliesen
Move over Michigan, the Eighth District's accelerating automobile production may leave you in the dust.

Pieces of Eight
Electronic economics — Down on the farm — Emerging payment methods

District Data
Selected measures of the region's business, banking and agricultural sectors